Exports of steel products from China in May increased by 5.3% m-o-m to about 8.36 million tonnes, reaching the highest level on a monthly basis since September 2016. Exports increased by 40.9 per cent in the first five months compared to the same period last year.
In May, Turkey officially imposed import duties after a two-month delay. While the market was preparing to respond to these measures, local and export prices in the Turkish local market did not suffer much.
In addition, the cost of local production in Turkey was high, so Turkish steelmakers were actively increasing their prices.
Chinese exports to Middle East Asia, Africa and South America increased in May, but this growth may slow in June. Orders for cold-rolled products will increase significantly in July and August. Monthly steel exports may increase to over 7.5 million tonnes in the coming months.
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